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SBA has undertaken this deregulatory effort pursuant to Executive Order 14219, which instructed Federal Agencies to review all regulations for consistency with law and Administrative policy and rescind or modify these regulations, as appropriate.  To that end SBA has reviewed its regulations and is removing superfluous, outdated, unnecessary or redundant regulations; streamlining and consolidating regulations affecting small businesses and SBA Lenders, making technical corrections and clarifications, strengthening program oversight, and otherwise reducing unnecessary regulatory burdens and increasing flexibility. Specifically, the rule removes definitions and requirements that are already provided by statute, removes outdated references, and removes requirements that are no longer applicable to the program.  For example, the rule removes the initial relending requirement in 13 CFR 109.340(a), because the timeframe for new loans in the program has passed, and there is no authority for new ILP loans.